Seniors Housing Business

FEB-MAR 2017

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Acquisitions www.seniorshousingbusiness.com 21 February/March 2017 n Seniors Housing Business Fortress' senior investment pro- fessionals will remain in place and will retain their participation inter- ests in fund performance. Fortress will operate within SoftBank as an independent business headquar- tered in New York, and SoftBank will retain the leadership, business model, brand, personnel, processes and culture of the global asset man- ager. SoftBanks' advisors included fi- nancial advisor J.P. Morgan Securi- ties LLC; legal counsel Weil, Got- shal & Manges LLP and Kirkland & Ellis; and accounting and tax ad- visor KPMG LLP. Fortress' advisors included finan- cial advisor Morgan Stanley & Co. LLC and legal counsel Skadden, Arps, Slate, Meagher & Flom LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Evercore acted as financial advisor, and Davis Polk & Wardwell LLP provided legal counsel to the special committee of Fortress's board of directors, which unanimously approved the merger. Under the terms of the agreement, SoftBank can bring in partners for a portion of the investment. Nizar Al-Bassam and Dalinc Ariburnu of F.A.B. Partners arranged the trans- action and will continue to advise SoftBank with respect to Fortress. New York-based Fortress man- ages assets for over 1,750 institu- tional clients and private investors worldwide across private equity, credit, real estate, senior living and traditional asset management plat- forms. IPA negotiates $46.5 million sale of 135-unit active adult property in Bay Area San Mateo, Calif. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and major private investors, has negotiated the sale of The Villa at San Mateo for $46.5 million. The mixed-use property includes a 135-unit age-restricted commu- nity with six ground-floor retail spaces in the Bay Area city of San Mateo. Originally constructed in 1957 as the Villa Hotel, the 4.5-acre prop- erty was converted to apartments in 2006. The community is near a shopping center currently under- going a 290,000-square-foot expan- sion, and is within walking distance of the Hillsdale Caltrain Station, which offers express service to both San Francisco and San Jose. The IPA team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni, Mark Myers and Joshua Jandris repre- sented the seller, Acacia Capital. The buyer was Elder Care Alliance. CBRE Capital Markets' Debt & Structured Finance team arranged $30.4 million in acquisition financ- ing for Elder Care in the transac- tion. Fannie Mae will provide the 10-year, fixed-rate financing. Elder Care Alliance is a Califor- nia-based nonprofit operator. SLIB brokers sale of four-property, 509-unit portfolio near Philadelphia Douglassville, Fleetwood and Eph- rata, Pa. — Senior Living Invest- ment Brokerage has arranged the sale of Keystone Villa, a portfolio 200+ properties: AL • MC • SNF 805.981.8655 • LTCreit.com "LTC's collaborative approach combines speed, efficiency and creativity to structure deals that best meet our needs. We appreciate their willingness to think outside the box." C R A I G F L A S H N E R Principal, Prestige Healthcare Management Partner since 2011 Acquisition Development Preferred Equity Mezzanine

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